Page 9 - FIA Insight - Q3 - 2022
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They’re Health-Conscious

                                                                               This idea of invincibility contradicts a central
                                                                               concern of millennials: health and longevity.

                                                                               In its consumer surveys on health-and-wellness
                                                                               trends, the Natural Marketing Institute (NMI) found
                                                                               that 77% of Millennials saw a healthy, balanced
                                                                               lifestyle as “very” or “extremely important.”

          With online                             ecent research from McKinsey shows that   “The Deloitte Global 2021 Millennial and Gen Z
                                                  as digitisation increases, it’s becoming
                                                                               Survey showed that the worldwide pandemic
          brands vying for                  Rmore and more difficult for almost all   spurred Millennials to make health care and
          the upcoming                      industries to gain a consumer’s limited attention.  disease prevention their highest personal priority,”
                                                                               Daniel Stoch points out.
          generation’s mind                 The most crucial consumer is the one you’ve   Wellness is a daily, active pursuit for millennials,
                                            yet to reach, and there happens to be a whole
          and money, here’s                 generation of like-minded ones. We spoke to   says Stoch. “They are eating healthier and
          how insurers                      industry experts about how they are reaching the   exercising more than previous generations. Almost
                                            millennial cohort – people of the ages between 26
                                                                               half consider healthy eating a lifestyle choice as
          can stay in the                   and 41 – a group of people who have expendable   opposed to a goal-driven diet.”
          spotlight in the                  income and live a significantly digitised life.  A study by market research firm Nielsen showed
          attention economy.                Millennials are one of the largest generations in   that 44% of millennials choose healthy living to
                                            history, and they’re hitting their prime spending   avoid high medical costs in the future.
                                            years, notes Wimpie van der Merwe, CEO of
                                            Global Choices.                    This is significant in terms of risk mitigation.
                                            Fortunately, there are plenty of insights from   Pandemic has highlighted the need to protect your
                                            online interactions to work with. Social media has   mental well-being. Healthscape’s “2020 Healthcare
                                            dramatically improved the quality of information   Trends Executive Brief’’ identified mental health
                                            about this cohort. And in some ways, the data   openness as one of the top trends in Millennials’
                                            generated from this has turned users into a giant   interactions with healthcare. In a YPulse survey
                                            focus group. This, combined with more fine-tuned   of Millennials and Gen Zers, 77% said that
                                            assessments and investigations, reveals a lot about   maintaining their mental health had become more
                                            the group of people in question. Here’s what   important to them during the pandemic. In January
                                            South Africa’s top insurance minds have learned   2020, even before Covid-19 hit, 30% of millennials
                                            about millennials.                 in a YouGov survey said that they had changed
                                                                               their diet to improve their mental health.
                                            They Underestimate Life Insurance
                                                                               They’re On Their Phones
                                            “There is a notion among young adults that life
                                            insurance is unnecessary in your twenties, owing   Millennial clients are more used to technology and
                                            to a perceived lack of risk to which this population   use this to do comparisons in products and pricing,
                                            segment is exposed and an underestimation of   says Peter Olyott CEO of Indwe Risk Services.
                                            the long-term impact of suffering a life-changing
                                            event,” points out Daniel Stoch, Head of Market   Millennials have actively embraced social media
                                            Analytics and R&D at Discovery Life.  and technology, which has enabled greater access
                                                                               to wellness information and has put personal
                                            “Studies have shown that young adults have a   health monitoring into the palms of their hands,
                                            naïve sense of invincibility and under-appreciation   says Daniel Stoch.
                                            for the probability of suffering a life-changing
                                            event,” he adds.                   “The younger generation of clients prefer to use
                                                                               digital platforms that give them immediate access
                                            “Discovery Life’s recent claim statistics have shown   to their insurer, either online or through an app
                                            that almost 40% of all deaths for millennials (clients   on their phones. This has necessitated innovations
                                            between the ages of 18 and 40) have been as   such as the ability for clients to submit and
                                            a result of unnatural causes. This incorporates   monitor claims, as well as generate quotes on their
                                            behavioural, yet largely controllable causes, such   cell phones, says Precious Nduli, Head of Technical
                                            as car accidents,” says Stoch.     Marketing and Marketing at Discovery Insure.

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